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    Smallcaps, midcaps, IPOs stumbled in 2025, yet retail investors keep the faith

    Even as midcaps, smallcaps, and IPOs lost their way through 2025, Indian retail investors poured record amounts into these segments—a paradox revealing extraordinary conviction amid widespread losses

    Shishir Asthana
    January 14, 2026 / 09:04 IST
    stock market
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